Oil Rises as Speculation on ECB Rate Increase Weakens Dollar
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Oil increased for the fourth time in five days as speculation that the European Central Bank will further raise interest rates strengthened the euro against the dollar, boosting commodities’ appeal as an alternate investment.
Oil rose 1 percent as the dollar tumbled a day after S&P Ratings Service cut the nation’s long-term credit outlook to negative. The Energy Department will probably report tomorrow that U.S. oil supplies jumped for a seventh week. Crude and equities fell yesterday on the ratings cut and after Saudi Arabia said the market was oversupplied.